Mooncor Oil & Gas has entered into a binding letter of intent for Namibia project

Created: Thursday, 01 June 2017 07:46

(Image source: Public Domain/Commons)Mooncor Oil & Gas Corp. has announced that it has entered into a binding letter of intent dated 29 May 2017 with an arm's length third party whereby Mooncor will acquire an undivided 50 per cent interest in a silver-Zinc project in Germany and a silver-copper-fluorite project in Namibia, collectively with the German project

Pursuant to the terms of the letter of intent, the acquisition of the projects from the third party is conditional upon Mooncor and the Vendor entering into a definitive purchase agreement. The proposed terms of the Agreement will include but are not limited to: The issuance of an aggregate of 31,664,338 common shares of the third party and the receipt of regulatory approvals.

The Namibian Project is located approximately 400 km north of the Namibian capital Windhoek. The project consists of a single, granted, exclusive prospecting license. Included within the property are both silver, copper and fluorite prospects which have undergone previous exploration. The project consists of a single, granted, exclusive prospecting license (EPL) that covers 185 sq km.

Copper, silver and gold mineralisation is associated with the Rehderstal Fault along which numerous copper, silver and also gold prospects. Over 9 km of the Rehderstal Fault occurs within the property, which contains numerous targets based on historical geochemical sampling and drilling.

The qualified person in charge of the Projects and the person who prepared the technical data in this release is Dr. Johannes Bauer P. Geologist.